Elsinore Valley Water, Calif., to price $64.645 million COPs July 31

By Sheri Kasprzak

New York, July 23 - The Elsinore Valley Water & Sewer Facilities Corp. in California intends to price $64.645 million in series 2008A certificates of participation on July 31, said a sellside source connected to the offering.

The COPs (A1//A+) will be sold on a negotiated basis with Stone & Youngberg as the senior manager.

The certificates will initially bear interest at the weekly rate, but may be converted to a daily, extended or fixed-rate mode.

Proceeds will be used to refund the district's series 2000A variable-rate COPs, which are auction-rate securities.

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